BMO targets rivals with card shuffle Toronto Star
Bank of Montreal is revamping its credit card portfolio, eliminating some cards while boosting rewards and discounts on others, as it tries to snag a bigger slice of Canada's growing card market.
Toronto-based BMO, a MasterCard issuer, aims to poach market share from American Express in the competitive "no-fee" card category and from Canadian Imperial Bank of Commerce in the cutthroat travel card segment.
Nancy Marescotti, director of brand marketing and card management, said yesterday that BMO wants to move its cards to the "top-in-wallet spot" for Canadians. Its strategy to capture more market share, however, comes at a time when some rivals have chosen to curb card lending because of rising losses during the recession.
CIBC, which administers Canada's largest credit card portfolio, hit the brakes on growth during the second half of fiscal 2008. Canadian Tire Corp. lowered spending limits for inactive cardholders, while Toronto-Dominion Bank cracked down on late payers. Amex Bank of Canada, meanwhile, raised rates on some American Express cards in February.
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Globe and MailGetting married? Having a baby? Time to check your insuranceGlobe and MailDave Minor, vice-president at TD Insurance. Although most Canadians have house and car insurance, some other products growing in popularity include life,
